Tuition costs pay off with advanced degrees

iTHINK

February 09, 2012

As college application deadlines draw to a close, high school seniors and guidance counselors alike heave a collective sigh of relief — no more essays to write, forms to complete, recommendations to send. Teens in their final semester of secondary school are left waiting and wondering, "What comes next?"

Of course, the panic of the recession and unemployment, as echoed by sensationalist TV anchors and the anti-Obama diatribes of GOP front-runners, hasn't failed to permeate this demographic of American society. College tuition prices continue to rise; according to the College Board, "in 2011-12, public four-year colleges charge, on average, $8,244 in tuition and fees for in-state students. The average surcharge for full-time, out-of-state students at these institutions is $12,526. Private nonprofit four-year colleges charge, on average, $28,500 per year in tuition and fees."

Affording the debt accumulation has become increasingly difficult, as job market competition has yet to subside.

High school students on their way out the door have begun to shift their goals from the idealistic to the pragmatic, a necessary characteristic of the next generation of college students. To put it plainly, they must adapt to the fact that a bachelor's in liberal arts just doesn't cut it in today's down market.

Jobweb, an employment assistance journal, predicts that employers not only will "hire almost 15 percent more college grads this year than in 2005" but also "seek people with advanced degrees," as opposed to those boasting only four years of post-secondary education. "The most in-demand graduate degrees will be the MBA and advanced degrees in electrical engineering, accounting, computer engineering, and mechanical engineering," Jobweb says.

Sarah Schlicher, a senior at Quakertown High School, has the right idea.

"I want to major in chemistry because it's challenging," Schlicher says. Asked whether she would go beyond a bachelor's degree, she quickly responded in the affirmative. "With science, you go into a more specific area, and when you have more expertise, it's easier to get a job in that area."

Critics of attending higher-level colleges often claim the excessive debt of acquiring a Ph.D. outweighs the benefit of having the title on your resume, or that the experience gained outside of school counterbalances the extra four-plus years of specialized course work. On the contrary, a study by Burleson Consulting reveals the advantages of earning master's, professional and especially doctorate degrees, rather than simply having a bachelor's degree.

According to information from Burleson, "Those with a bachelor's degree [earn] $2.1 million over a lifetime," while "a master's is worth $400,000 in additional lifetime income." The pattern only continues: "Doctoral degrees earn $1.3 million more than a bachelor's degree. Professional doctoral degree holders earn $2.3 million more than those with a bachelor's degree."

We've reached an age in which the stereotypical four-year, frat-party-based college experience defines not the future middle-class parent but the future homeless. The next wave of students knows that if they are to survive today's competitive market, they must go above and beyond yesterday's extraordinary.